Professional smart money has sold SPX at 18x forward earnings. I have been pointing to this valuation level for many months. As long as it was rising in slope, I argued that the market may still face resistance yet continue to go higher as the level went up as well. Last week was a drop in the moving average of forward earnings - not totally rare, but according to last week's notes, "more resistance at this level, currently 2483."

It would be interesting to see buyers either at 17.5X currently 2413 of better 17X 2344.

Citigroup Economic Surprise Index is up from low levels. DXY has stopped going down but that is about it.